A. The town council will hold the hearing on the vacation petition. If the town council decides to grant the petition or any part of it, the town council may by ordinance vacate the street or alley.

B. The ordinance will provide that the ordinance will not become effective until the owners of property abutting upon the street or alley so vacated will compensate the town in an amount which does not exceed one-half the appraised value of the area so vacated, except in the event the subject property was acquired at public expense, compensation may be required in an amount equal to the full appraised value of the vacation; provided, that the ordinance may provide that the town retain an easement or the right to exercise and grant easements in respect to the vacated land for the construction, repair, and maintenance of public utilities and services.

C. The petitioning parties are responsible for arranging and paying for the appraisal.

D. If the town is initiating the vacation, it is responsible for arranging and paying for the appraisal. [Ord. 378 § 2 (Exh. 1), 1999.]